Question
2. RECORDING TRANSACTIONS: July 1 The company issued $ 600,000 of capital stock for cash. 5 Office space was rented for July, and $ 5,000
2. RECORDING TRANSACTIONS:
July 1 The company issued $ 600,000 of capital stock for cash.
5 Office space was rented for July, and $ 5,000 was paid for the rental.
8 Desks and chairs were purchased for the office on account, $ 28,800.
10 Equipment was purchased for $ 50,000; a note was given, to be paid in 30 days.
15 Purchased trucks for $ 150,000, paying $ 120,000 cash and giving a 60-day note to the dealer for $ 30,000.
July 18 Paid for supplies received and already used, $ 2,880.
23 Received $ 17,280 cash as service revenue.
27 Insurance expense for July was paid, $ 4,500.
30 Paid for gasoline and oil used by the truck in July, $ 576.
31 Billed customers for janitorial services rendered, $ 40,320.
31 Paid salaries for July, $ 51,840.
31 Paid utilities bills for July, $ 5,280.
31 Paid cash dividends, $ 9,600.
- Journalize the transactions given for July in the general journal.
- Post the journal entries to ledger accounts.
- Prepare a trial balance as of July 31.
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